Inspira Financial is a financial services company that provides health savings accounts, self-directed IRAs, automatic rollover IRAs, and other tax-advantaged accounts for individuals and employers. It was formed in January 2024 when two established companies, Millennium Trust Company and PayFlex Systems USA, rebranded and merged under the Inspira Financial name. If you’ve landed here because you received a letter or noticed an unfamiliar account from Inspira, you likely have a former employer’s retirement funds or health benefits sitting there.
How Inspira Financial Came to Exist
Millennium Trust Company, a retirement and custody services firm, first announced plans to rebrand in August 2023. On January 16, 2024, the rebrand went live: Millennium Trust Company became Inspira Financial Trust, LLC, and PayFlex Systems USA became Inspira Financial Health, Inc. The two entities now operate under the single Inspira Financial brand, combining retirement custody services with employer-sponsored health benefit administration.
If you had an account with either Millennium Trust or PayFlex before the rebrand, your account transferred to Inspira automatically. Nothing changed about your balance, investments, or account terms.
What Inspira Financial Offers
Inspira’s products fall into two categories: health benefit accounts and retirement or wealth accounts.
Health Benefit Accounts
On the health side, Inspira administers three types of tax-advantaged accounts, all typically set up through an employer:
- Health Savings Accounts (HSAs): You own this account and contribute pre-tax or tax-deductible money to pay for qualified medical expenses now or in the future. To qualify, you need a high-deductible health plan, can’t be enrolled in Medicare or TRICARE, can’t be claimed as a dependent, and can’t have a separate FSA or HRA. For 2026, the contribution limit is $4,400 for individual coverage and $8,750 for family coverage, with an extra $1,000 allowed if you’re 55 or older.
- Flexible Spending Accounts (FSAs): These are “use it or lose it” accounts, meaning any funds you don’t spend by the end of the plan year are forfeited.
- Health Reimbursement Accounts (HRAs): Fully funded by your employer. Depending on how the employer sets up the plan, unused funds may roll over to the next year.
Inspira currently offers HSAs as a benefit through employers rather than as a product individuals can open on their own.
Retirement and Wealth Accounts
On the retirement side, Inspira Financial Trust provides custody services for self-directed IRAs and automatic rollover IRAs. Self-directed IRAs allow you to hold a broader range of investments than a typical IRA, potentially including alternative assets beyond standard stocks and bonds. You can open a new self-directed IRA directly through Inspira’s website.
Automatic Rollover IRAs Explained
This is the product that catches many people off guard. If you left a job and had a small balance in your employer’s 401(k) or other retirement plan, but never told your employer where to send the money, the plan may have automatically rolled your funds into an IRA at Inspira. This is called an automatic rollover IRA, and employers use it to preserve the tax-advantaged status of your retirement savings rather than forcing a taxable cash-out.
Your balance in one of these accounts is initially invested in FDIC-insured, interest-bearing bank accounts or another conservative investment selected by your former employer. It’s safe, but it’s not actively growing in the way a diversified portfolio would.
Once you claim the account (usually by verifying your identity through Inspira’s website or customer service), you get several options. You can choose from a wider range of investments, including CDs, stocks, bonds, ETFs, and over 10,000 mutual funds. You can also transfer the balance into your current employer’s 401(k) if the plan allows it, roll it to another IRA provider, or take a cash distribution. A cash withdrawal will trigger income taxes and, if you’re under 59½, a 10% early withdrawal penalty.
You’re also allowed to consolidate other retirement money into an Inspira automatic rollover IRA. You can transfer other IRAs into it or roll over distributions from employer-sponsored plans, and you can make new annual contributions up to the IRS limit.
HSA Investment Options
If you have an Inspira HSA with a balance above the minimum threshold (typically $1,000), you can invest the excess in a curated menu of about 30 SEC-registered mutual funds and an institutional stable value option. There are no transaction fees for trading within the HSA investment account. Investing is optional; funds below the minimum stay in a cash account.
Is Inspira a Bank?
Inspira Financial Trust, LLC is a non-bank trust company, not a traditional bank. However, the cash portion of certain accounts, like automatic rollover IRAs, is held in FDIC-insured bank accounts. That means the uninvested cash in those accounts carries the same federal deposit insurance protection (up to $250,000 per depositor, per bank) that you’d get at any FDIC-insured institution. Once you move money into investments like mutual funds or stocks, those investments are not FDIC-insured, which is standard for any investment account anywhere.
How to Access Your Account
If you received a notice from Inspira about an account you didn’t know existed, it’s most likely an automatic rollover IRA from a former employer. Visit Inspira’s website and look for the “Claim your retirement account” option. You’ll need to verify your identity and provide basic personal information. From there, you can review your balance, choose investments, or move the money to another provider. If you previously had a Millennium Trust or PayFlex login, your credentials should still work under the new Inspira branding.